Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals during the month of May were 60.6%, the lowest monthly level of the year and down from January when the approvals rate was at 70.6%.

Despite the overall approvals rating sliding down from a 2014 high in January, Swapalease.com attributes the recent slide to a significant higher number of applications over the last two months. In fact, 44.7% more applications have been processed in May and April compared to the previous two months. Regardless, Swapalease.com considers the 70% approval mark to be “healthy” for the marketplace.

What a difference a year makes. The year-to-date approvals rating so far in 2014 stands at 65.9%, compared with 75.3% the same time a year ago. In addition to a higher number of credit applications overall, Swapalease.com executives attribute the slide to an increased number of younger drivers with less-than-stellar credit applying to take over a vehicle after also being turned away at a dealership.

“Since credit is analyzed differently through a lease transfer and the monthly price has already been determined, many car shoppers look to simply take over an existing lease,” said Scot Hall, Executive Vice President of Swapalease.com. “Particularly with student loan debt still at high levels, many younger car shoppers continue to face an uphill battle in seeking to buy or lease transportation.”

An increased appetite for consumer debt growth also contributes to the falling approvals rate. According to the Federal Reserve as reported in Reuters, total consumer credit increased by $26.85 billion in April, to $3.18 trillion. Reuters also stated this pace of consumer debt was growing at a 10.2% annual rate, an increase that must be taken into account when car shoppers apply to take over a lease.

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal.